The Global Market for Biochips is Projected to Reach US$31.3 Billion by 2024
New
Applications & Demand for Advanced Diagnostics Drive Demand for Biochips,
According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry
segments, trends, growth drivers, market share, market size and demand
forecasts on the global Biochips market. The global market for Biochips is projected to reach US$31.3 billion by
2024, driven by the rising incidence of diseases, demand
for advanced diagnostic solutions, as well as new uses of biochips in drug
discovery and diagnostics.
Biochips, which are test probes attached onto a small
plastic or silicon substrate, are highly useful in rapid detection of
biological pathogens. Biochips provide exceptional resource, cost, and time
savings, by eliminating the need for several single-analyte assays, multiple
blood draws, and higher reagent volumes. Biochips thus serve as a "mini
laboratory" where multiple analytes from a single sample are tested
simultaneously. Lab-on-a-Chip devices, involving the integration of multiple
lab functions on a small chip, have been a major innovation in the biochips
industry. Biochips employing nucleic acid probes are called DNA Biochips, while those using antibody probes are called
protein biochips. Protein Biochips represent a market segment with high growth
potential, aided by technological advancements, increasing incidence of cancer
and lifestyle diseases, and the rising demand for personalized medicine. Major
factors boosting the DNA microarray market are the emerging technologies,
declining average prices of instruments and services, and shift towards
outsourced services. Developing countries, with low manufacturing costs and
high population favoring widespread clinical trials, offer good market for DNA
microarrays and the overall Biochips market.
Biochip technology is used in several fields,
including pharmaceutical research, medicine, food and environmental analyses,
and gene diagnostics. They are used to detect up to 10,000 different analytes
from minimal sample volumes. Biochips hold enormous promise for areas such as
Homeland Security, environmental monitoring, and public health. Some of the
important applications for biochips include rapid diagnosis of various
infectious diseases, instantaneous classification of biological warfare agents,
and faster identification of crime suspects. Biochips are also expected to be
employed widely in personalized medicine. In the coming years, accurate human
genome mapping and next-generation gene sequencing are expected to emerge as
two major segments in the area of personalized medicine. This forecast would be
realized by the evolution of a broad range of devices for point-of-care testing
and innovations in the area of lab-on-a-chip. In addition, drug manufacturers are looking
for ways to test drug candidates in a cost-efficient and accurate manner, and
biochips fit the bill. Advanced technologies, such as bio-printed tissues and
organs-on-chips, hold tremendous potential for effectively determining drug
safety for various medical conditions.
As stated by the new market research report on Biochips, the United States represents the largest
market worldwide, followed Europe. On the other hand, Asia-Pacific region is
forecast to witness the fastest growth among all regions, with a CAGR of 24.3% over
the analysis period. Other emerging markets, such as Latin American countries
are also expected to drive consumption of Biochips. The Asian market is driven
by higher investment and funding for biotechnological R&D, and outsourcing
operations by global pharmaceutical players to the region to take advantage of
the cheaper resources. By product, DNA Biochips represent the largest market,
while Protein Biochips are forecast to witness the
fastest growth among all segments. Lab-on-a-Chip products are also forecast to
witness above average growth through the analysis period.
Major players in the market include Agilent
Technologies, Inc., Bio-Rad Laboratories, Inc., Cepheid Inc., Fluidigm
Corporation, GE Healthcare, Hoffman-La-Roche Ltd., Illumina, Inc., Ocimum
Biosolutions Ltd., PerkinElmer, Inc., Takara Bio Inc., Takara Bio USA, Inc.,
and Thermo Fisher Scientific Inc. among others.
The research report titled "Biochips: A Global Strategic Business Report" announced by Global Industry Analysts Inc.,
provides a comprehensive review of market trends, growth drivers, innovations
and launches, and strategic industry activities of major companies worldwide.
The report provides market estimates and projections in US$ Million for all
major geographic markets including the US, Canada, Japan, Europe (France,
Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and
Rest of Asia-Pacific), Latin America, and Rest of World. Product segments
analyzed include DNA Biochips, Protein Biochips,
Lab-on-a-Chip, and Others. In addition, the report provides analysis by
Application for Research, Diagnostics, and Other Applications for the global
market.
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